FOR IMMEDIATE RELEASE
IILM Ṣukūk Programme Reaches Record USD 7.3 Billion as Global Investor Demand Continues to Strengthen
Strong investor participation underscores sustained global demand for IILM’s highly rated Sharīʿah-compliant liquidity instruments.
Kuala Lumpur, Malaysia – 21 July 2026
The International Islamic Liquidity Management Corporation (IILM), the leading issuer of high-quality Sharīʿah-compliant short-term liquidity instruments, has achieved a new milestone with its outstanding Ṣukūk programme reaching a record USD 7.3 billion, following the successful issuance and reissuance of USD 1.21 billion in short-term Ṣukūk.
The achievement comes just two weeks after IILM reached its previous record high, marking the programme’s second consecutive all-time high and underscoring the sustained global demand for its short-term Ṣukūk. The latest milestone further reinforces IILM’s growing role in providing high-quality Sharīʿah-compliant liquidity management solutions to Islamic financial institutions worldwide.
Today’s auction generated aggregate orders of approximately USD 2.538 billion, representing an oversubscription rate of 2.1 times. The strong outcome reflects the continued confidence of market participants in IILM's highly rated, USD-denominated short-term Ṣukūk and reinforces its role as a trusted Sharīʿah-compliant liquidity management instrument for Islamic financial institutions worldwide.
The issuance and reissuance comprised four tenors, namely two-week, one-month, three-month and six-month maturities, which were priced competitively as follows:
- 3.86% for USD 189 million (2-week);
- 3.90% for USD 361 million (1-month);
- 4.00% for USD 377 million (3-month);
- 4.10% for USD 283 million (6-month).
The strong demand across all offered tenors demonstrates investors' continued preference for high-quality, short-term Islamic instruments that offer liquidity, capital preservation and portfolio flexibility in a dynamic market environment. The auction also highlights the market's confidence in IILM's regular issuance programme and its ability to provide a consistent supply of highly rated Sharīʿah-compliant assets to support cross-border liquidity management.
Mohamad Safri Shahul Hamid, Chief Executive Officer of IILM, said: “IILM has once again reached a significant milestone. Today’s auction has propelled our outstanding Ṣukūk programme to a new record of USD 7.3 billion, just two weeks after our previous high, reflecting the sustained strength of investor demand and continued confidence in IILM’s regular issuance programme.
“This achievement reaffirms the value investors place on IILM’s highly rated, high-quality Sharīʿah-compliant liquidity instruments and our role in supporting effective liquidity management across the global Islamic financial industry.”
“We remain committed to meeting the evolving liquidity management needs of Islamic financial institutions through regular issuances across multiple tenors. As demand for high-quality Sharīʿah-compliant liquidity solutions continues to grow, IILM will further strengthen the global Islamic financial infrastructure and contribute to the continued development of international Islamic capital markets,” Safri added.
Today's transaction marks IILM's fourteenth Ṣukūk auction in 2026, bringing the cumulative issuance volume for the year to approximately USD 17.087 billion across 66 Ṣukūk series of varying maturities. This continued growth reflects the increasing utilisation of IILM instruments by Islamic financial institutions, central banks, sovereign wealth funds and other market participants seeking effective short-term liquidity management solutions.
Issued under IILM's USD 8.5 billion Short-Term Ṣukūk Issuance Programme, which are rated "A-1" by S&P Global Ratings and "F1" by Fitch Ratings, IILM's instruments continue to serve as a key component of the global Islamic financial infrastructure, supporting liquidity management, market stability and greater financial integration across jurisdictions.
IILM's short-term Ṣukūk is distributed by a diversified and growing network of 16 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, AlRayan Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Jaiz Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.
IILM remains committed to providing regular issuances of high-quality short-term Ṣukūk across multiple tenors to support the liquidity management requirements of Islamic financial institutions globally. Consistent with its published issuance calendar, IILM will continue to conduct its scheduled auctions and reissuances to meet growing market demand for Sharīʿah-compliant liquidity management solutions.
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About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
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